Shein: negative debut on the Hong Kong stock exchange after 1.7 billion IPO

Chinese fast fashion giant Shein has raised about $1.7 billion with its listing on the Hong Kong Stock Exchange, where shares began trading today. This was reported by the Chinese financial media.

The company set the IPO price at 48.56 Hong Kong dollars per share (about 6.24 US dollars) and offered about 280 million shares, raising about 13.6 billion Hong Kong dollars (about 1.75 billion US dollars).

The debut, however, was negative. The stock fell to 43.72 Hong Kong dollars (about 5.62 US dollars), representing a decline of about 10% from its placement price.

The IPO gave Shein a valuation of around 26.3 billion US dollars, much lower than the almost 100 billion achieved by the company in previous private raising operations in 2022.

Shein plans to use the IPO proceeds to strengthen its technological capabilities and international presence.

The company had indicated an initial range of 47.60-49.50 Hong Kong dollars per share (approximately 6.12-6.36 US dollars).